When the Price of Diamond Rings Rises by 30 Percent,the

Multiple Choice

When the price of diamond rings rises by 30 percent,the quantity demanded falls by 10 percent.The price elasticity of demand for diamond rings is ____________,making diamond rings an _______________ good (in this example) .

A) 0.33; inelastic
B) 3.0; elastic
C) 1.0; unit elastic
D) 0.33; elastic